For intraday trading on the Nifty 50 index on January 17, 2025, here are the key support and resistance levels, along with a suggested trading strategy:
Support and Resistance Levels:
• Support Levels:
• S1: 23,150
• S2: 23,050
• S3: 23,000
• Resistance Levels:
• R1: 23,500
• R2: 23,550
• R3: 23,625
Intraday Trading Strategy:
1. Buying Opportunity:
• Entry Point: Consider entering a long position if the Nifty trades between 23,125 and 23,225.
• Stop Loss: Set a stop loss at 23,000 to manage potential downside risk.
• Target Levels: Aim for targets at 23,265, 23,350, 23,400, 23,425, 23,500, and 23,550.
2. Selling Opportunity:
• Entry Point: For aggressive traders, consider shorting the Nifty in the 23,400 to 23,500 range.
• Stop Loss: Implement a strict stop loss at 23,625.
• Target Levels: Look for targets at 23,350, 23,275, 23,225, 23,150, 23,100, and 23,050.